US fintech funding round-up: Leapfin, Compliance.ai, Revolv3 and more
Our weekly round-up for you to get the latest fintech funding news from around the US. Featuring Leapfin, Compliance.ai, Revolv3, Stackwell, B9, FinLync and Outsource Monetic Group.
California-based fintech Leapfin has raised $12.2 million in a Series A funding round led by Crosslink Capital with participation from Uncorrelated and Work-Bench.
Founded in 2015, Leapfin provides financial data management services to companies including the likes of Canva, Vimeo and Reddit, enabling a “single source of truth” for revenue and providing organisations with real-time revenue data.
Leapfin says the new funding will allow it to “accelerate its mission to liberate financial information and empower businesses” and will be put towards product development and growing its team to scale the business.
Compliance.ai has secured $6 million in funding from existing investor Cota Capital and new investment partner JAM FINTOP to support its market growth.
Compliance.ai bags $6 million
The company has also announced the appointment of Asif Alam as its new CEO. It will use the new funding to fuel its expansion plans.
Headquartered in San Francisco and founded in 2016, Compliance.ai’s regulatory change management platform helps mitigate risk, reduce costs and increase confidence in compliance status for the banking, financial services and insurance industries.
The firm says it uses a simple, automated approach to help compliance teams increase accuracy, improve productivity and reduce compliance gaps.
California-based recurring billing platform Revolv3 has bagged $4.5 million in seed money from Rosecliff Ventures and an unspecified angel investor.
Founded in 2020, Revolv3 is a payment optimisation company specialising in recurring billing.
“The common thread in the subscription billing industry is that merchants don’t have time or resources to focus on improving their recurring billing payment capture,” says Frank Arellano, founder of Revolv3. “So we developed an easy-to-use platform that does all the work for them, resulting in incremental revenue while reducing card processing fees.”
The firm plans to use this investment to further build out its platform and add additional features.
Some of the proposed features include network and payment processor data optimisation, intelligent payment and processor routing, enhanced platform security and payment network compliance, digital wallets, accounting systems, e-commerce platforms and CRM integrations.
Digital investment platform Stackwell has closed a $3.5 million seed funding round led by Michael Gordon, president of Fenway Sports Group; Jeremy Sclar, CEO and chairman of WS Development; and The Kraft Group.
Stackwell is a Boston-based fintech company that has created a digital investment platform for the Black community with the aim to eliminate the racial wealth gap in America, providing financial investment tools and guidance to help build “lasting wealth, equity and equal opportunity”.
The firm plans to use the money to accelerate its launch plan, allowing it to reach key product development and go-to-market milestones, as well as support the hiring of key personnel.
Particularly, it aims to use the funding to support the imminent release of its initial product, a robo-investing app, this fall.
According to the company, the app will provide users with automated investment portfolios, in-app educational content and “science-based nudges” to help achieve their long-term wealth building goals.
B9 Inc, a payroll solution platform aimed at promoting creditworthiness through employment data and economic behavior, has received $2.6 million in funding.
B9 lands $2.6 million funding
The round was led by Sky Light Invest with participation from Mbanq and the founders of Wrike, a project management application.
In 2021, B9 raised $5 million in seed capital from angel syndicates and angel investors.
B9 aims to provide an alternative for “unbanked” people, often first or second-generation immigrants, who are targeted by predatory lenders. It claims it can help “eliminate” predatory lending with a no-interest (0% APR) pay advance offer.
The company plans to use the funds to invest in product development, specifically to release “inflation-fighting and revenue-generating” features to help underserved customers.
B9 says it also plans to take advantage of the recent Big Tech layoffs and bring on new talent that can continually scale the platform as demand for its product increases.
New York-based fintech FinLync has received an undisclosed sum in a strategic investment from Workday Ventures and has also joined the Workday Software Partner program.
With the partnership, FinLync aims to power real-time payments and multi-bank API connectivity to customers.
FinLync says its tech will provide Workday Financial Management with 100+ pre-integrated bank API connections to banks around the world.
It says it also intends to provide Workday Financial Management customers the ability to initiate real-time payments while solving common treasury “headaches” through end-to-end payment traceability, simplified connectivity and real-time cash visibility.
FinLync is a privately held, global fintech company that helps corporate finance and treasury offices by aggregating global banking APIs to deliver embedded real-time payments and cash management.
It claims its clients include Fortune 500 and Fortune 2000 companies. The firm has employees from 18 different countries and offices in New York, Los Angeles and Singapore.
Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, GA, has raised an undisclosed sum in a pre-seed fundraising round with 500 Global.
The fintech also announced the launch of the pilot phase of its private ATM network branded KaliSpot in Senegal and Côte d’Ivoire.
Outsource Monetic Group is developing the first private ATM and interactive ATM network in French-speaking Africa. The omnichannel platform allows users of any bank, mobile money or fintech to have 24/7 access to their money as well as additional value-added services with the KaliSpot mobile app.
Mika Diol, founder of Outsource Monetic Group, says: “With the support of 500 Global, we are starting the pilot phase of our project in collaboration with two mobile money operators, three banks and five fintechs in Senegal and Côte d’Ivoire.
“These partnerships show that there is great interest in a platform that can bridge the current gap between digital and physical financial services in an innovative, integrated and inclusive way.”
